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Asharq Al-Awsat

Lifestyle

Asharq Al-Awsat

Russia's Yandex Pulls Out of Deal to Buy Online Fashion Retailer KupiVIP

Employees move boxes at a logistics center of the Yandex.Market e-commerce platform in Moscow, Russia June 21, 2021. REUTERS/Evgenia Novozhenina/Files

Russian tech giant Yandex (YNDX.O) said on Friday it was pulling out of a deal to buy online fashion retailer KupiVIP.

According to Reuters, Yandex is considering alternative outlets in the fashion sector.

Yandex said in May it had agreed to buy the online retailer on undisclosed terms to enhance its Yandex.Market offering.

"Yandex.Market will not exercise its option to buy the KupiVIP group," Yandex said in a statement.

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